Oil ministers from the Organization of the Petroleum Exporting Countries meet on Friday in Vienna. Talks will follow on Saturday with non-OPEC oil producers. The negotiations are expected to be hard as Iran threatens to block the decision over production increase.
Escalating Trade War The escalating trade war between USA and China keeps broader currency markets concerned.
Following China’s response to US $50 billion tariffs in Chinese imports announced by Trump last Friday, new threats emerged. Trump announced fresh Tariffs of 10% on $200bn Chinese goods if China “insists on going forward with the new tariffs”.
China is ready to respond to US $50 billion tariffs in Chinese imports announced by Trump last Friday. Fears that the trade war escalates exerted a pressure on oil prices.
United States announced the imposition of $ 50 billion tariffs in Chinese goods by revising a tariff list of 800 products. President Trump is also getting ready for a second phase and a second list of $100 billion this time.